One more comment. It is In PC's best financial interest to exercise his options at the time when the SP is at its lowest. This will reduce the amount of tax due at the time of exercise.

So if he feels the SP would go down even further, we would not have seen these options being exercised now. He would have waited for a further drop.

So he must feel the SP is going to go higher in the near future. After all, he does have 12 months to exercise these options, but he went ahead and exercised them all in one month!